According to Fast Company, F+W Media is shuttering I.D., the venerable design magazine. There's a sad logic to it, since half of I.D.'s readership consisted of magazine art directors, most of whom have been laid off.

UPDATE: We've confirmed it with F+W. Here's the statement:

December 15, 2009

To Readers, Advertisers and Friends of I.D. Magazine:

Since 1954, I.D. Magazine has served as one of America's leading critical magazines covering the art, business, and culture of design. Today it is with regret that we announce its closure. The January/February issue of I.D. will be its last; subscribers to I.D. will receive Print magazine for the balance of their subscription.

Ceasing publication of an iconic brand like I.D. is never an easy decision, but there are several forces that have worked against its sustainability. Certainly the downturn in print advertising has contributed to this decision, but other factors include the fragmentation and specialized information needs of I.D.'s core readers (product designers) and the plethora of information resources available to them – some for free (online and B2B) and others that are highly specialized and targeted to specific industries served.

F+W Media will continue producing the I.D. Annual Design Review, its flagship international product design competition, in an expanded fashion online. This new web initiative will feature not only 2010's winners but will catalog thousands of notable entries from past competitions. Going forward, in addition to the I.D. Annual Design Review, F+W Media's Design Group is comprised of the award-winning HOW and Print brands – magazines, books, events, and competitions serving the information needs of graphic designers in all media.

We thank the entire I.D. community, past and present – staffers, contributors, readers, and advertisers – for their support of the magazine throughout its 55-year history.